Gold ring price soars, SJC approaches 80 million VND/tael, the era of "digital gold"

Today's gold price, March 2, 2024, recorded SJC approaching 80 million VND/tael and gold rings continued to reach a record level - over 66 million VND.

LIVE UPDATE TABLE OF GOLD PRICE TODAY 2/3 and EXCHANGE RATE TODAY 2/3

1. SJC - Updated: 03/01/2024 14:15 - Website time of supply source - ▼ / ▲ Compared to yesterday.
Type	Buy	Sell
SJC 1L, 10L, 1KG	77,800	79,800
SJC 5c	77,800	79,820
SJC 2c, 1c, 5c	77,800	79,830
SJC 99.99 gold ring 1 chi, 2 chi, 5 chi	64,400	65,600
SJC 99.99 gold ring 0.3 chi, 0.5 chi	64,400	65,700
Jewelry 99.99%	64,300	65,200
Jewelry 99%	63,054	64,554
Jewelry 68%	42,490	44,490
Jewelry 41.7%	25,341	27,341

The domestic gold price is currently close to 80 million VND/tael and gold rings continue to reach a record high - over 66 million VND. Although gold rings have set a new record in price, the difference between buying and selling prices has not fluctuated too much. The gap between buying and selling prices of gold rings currently fluctuates between 1.1-1.2 million VND per tael.

At the end of the trading session on March 1, the SJC gold price at Saigon Jewelry Company was listed at VND77.80 million/tael for buying and VND79.82 million/tael for selling. The gold price was adjusted up by VND300,000/tael for both buying and selling.

This afternoon, DOJI listed the price of 9999 gold at 77.75 million VND/tael for buying and 79.75 million VND/tael for selling. The gold price increased by 300,000 VND/tael for both buying and selling.

After many days of fluctuating around the threshold of 2,030 USD/ounce, the world gold price today increased strongly to 2,054 - 2,055 USD/ounce - recorded by TG&VN at 6:00 p.m. on March 1 - an increase of 10.7 USD compared to the previous trading session.

Gold rose sharply as the market received more economic information. Specifically, the US announced the number of initial unemployment claims last week at 215,000, higher than the previous month's 202,000 and higher than the forecast of 209,000.

In addition, the consumer expenditure index (PCE) - the preferred inflation measure of the US Federal Reserve (Fed) to make important monetary policies and assess the level of changes in prices of goods and services in the economy - was also announced.

Accordingly, this index in January in the US decreased from 2.6% last month to 2.4%. However, the core PCE index on a year-on-year basis as of January increased by 2.8% compared to the same period and the annual headline inflation decreased sharply from 2.6% to 2.4%, in line with the forecast.

The new inflation data will not change much about the Fed's monetary policy, according to some economists. Markets have been pricing in an unlikely Fed rate cut in March, with monetary policy likely to change in the second half of 2024.

Some officials also warned that persistent inflation would prevent the Fed from cutting interest rates in early 2024. In addition, the US economy is still expected to outpace other developed economies in the world, giving the Fed enough basis to maintain higher interest rates for a longer period.

According to the CME FedWatch tool, the gold market sees a more than 60% chance that the Fed will cut interest rates in June.

Gold price today March 2, 2024: Ring gold price soars, SJC approaches 80 million VND/tael, the era of 'digital gold'. (Source: Kitco News)

Summary of SJC gold bar prices traded at major domestic trading brands at the closing time of March 1, 2024:

Saigon Jewelry Company listed the price of SJC gold bars at 77.80 - 79.82 million VND/tael.

Doji Group currently lists the price of SJC gold bars at: 77.75 - 79.75 million VND/tael.

Phu Quy Group listed the price of SJC gold bars at: 77.90 - 79.75 million VND/tael.

PNJ system listed gold bar price at: 77.60 - 79.50 million VND/tael.

SJC gold bar price at Bao Tin Minh Chau is listed at: 78.10 - 79.75 million VND/tael.

"Digital gold" reigns?

Recently, Mr. Mike Novogratz, CEO of digital investment management company Galaxy Digital, commented that investors will soon prefer trading bitcoin - also known by many as "digital gold" - rather than trading this precious metal in real life.

According to Mr. Novogratz, although the current market capitalization of bitcoin is less than 1/10 of gold ($1,210 billion compared to $13,790 billion), the world's largest cryptocurrency will soon replace this long-known asset class.

“Of the estimated $85 trillion in assets owned by baby boomers (generally defined as individuals born between 1946 and 1964), the vast majority are managed by professional investors. About half of those professional investors have access to 10 recently approved Bitcoin spot exchange-traded funds.

Platforms like BlackRock and Fidelity, which have been fueled largely by baby boomer wealth, are encouraging clients to allocate as little as 1-3% of their assets to crypto. If successful, the new liquidity raised could be in the trillions of dollars, he stressed.

However, he also warned that a correction in bitcoin prices could occur in the coming days or weeks. But Mr. Novogratz predicted that bitcoin would be unlikely to fall below $50,000 per bitcoin before rising again.

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